Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/20/2012 (2 years ago)

Catholic Online (www.catholic.org)

Americans must be insured in 2014, or pay penalty assessed on tax returns

Roughly two million more Americans will pay penalties under President Obama's health care law for lacking insurance, larger than had previously been estimated. Under the law, Americans must be insured starting in 2014 or pay a penalty assessed on their tax returns.

Of those who choose to pay the penalty in lieu of purchasing health insurance, 10 percent are projected to be below the federal poverty level for 2016, which the CBO and JCT estimate will stand at about $12,000 for an individual or $24,600 for a family of four.

Of those who choose to pay the penalty in lieu of purchasing health insurance, 10 percent are projected to be below the federal poverty level for 2016, which the CBO and JCT estimate will stand at about $12,000 for an individual or $24,600 for a family of four.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/20/2012 (2 years ago)

Published in Politics & Policy

Keywords: Obamacare, penalty, poverty levels, elderly


LOS ANGELES, CA (Catholic Online) - After the legislation passed in 2010, the Congressional Budget Office, working alongside the Joint Committee on Taxation, estimated that roughly four million people a year would decide to pay the penalty instead of getting coverage in 2016. The CBO and JCT revised that figure up to six million this week, citing legislation passed since 2010 as well as the weaker economic outlook.

The groups also pointed to the Supreme Court's decision earlier this year to make the health care law's expansion of Medicaid optional for states.

Of those who choose to pay the penalty in lieu of purchasing health insurance, 10 percent are projected to be below the federal poverty level for 2016, which the CBO and JCT estimate will stand at about $12,000 for an individual or $24,600 for a family of four.

The penalty will be no more than $285 per family, or one percent of income, whichever is greater in 2014. By the year 2015, the cap rises to $975, or two percent of income. By the year 2016, it will reach $2,085 per family, or 2.5 percent of income, whichever is greater.

The dollar amounts for a single adult would be $95, $325 and $695 during that same time period.

Roughly 30 million non-elderly Americans are projected to remain uninsured in 2016, though most will not be subject to the penalty tax. The penalty will be waived for people with very low incomes who don't have to file tax returns, those who are members of certain religious groups, or people who face insurance premiums that would exceed eight percent of family income even after including employer contributions and federal subsidies.

In 2016, penalty payments are expected to total $7 billion, about $3 billion more than previously estimated.

.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Politics & Policy

Social Security numbers issued to more than half a million illegal immigrants in U.S. Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

The cornerstone to lawful employment to labor in the United States, it has been recently revealed that more than half a million illegal immigrants - or 541,000 illegal aliens. This disheartening statistic has been revealed by Carolyn Colvin, acting commissioner ... continue reading


Hillary Clinton caught in shameful lie on family's history Watch

Image of

By Abigail James (NEWS CONSORTIUM)

As Hillary Clinton continues to shape her platform for presidency, she is reported as boasting her family's immigration history. During one of her first speeches as an official candidate, Clinton said that "all her grandparents had immigrated to the United States," ... continue reading


Federal government sets all-time record for tax revenue Watch

Image of We will not know how much additional tax revenue the Treasury pulled in until it releases its next daily statement tomorrow afternoon. Every dollar of it will add to the new record.

By Catholic Online (NEWS CONSORTIUM)

Tax day has arrived - and with the close of business on April 14, the Treasury brought in a record $1,477,901,000,000 since fiscal 2015. Began on October 1, 2014, these figures are courtesy of the Daily Treasury Statement. Despite this record tax revenue, the ... continue reading


INSANE: U.S. federal tax code is 74,608 pages long! Watch

Image of If the tax code continues to grow at the same pace it did over the last century, it will pass 100,000 pages in 2050.

By Catholic Online (NEWS CONSORTIUM)

If you had your taxes professionally prepared this year, you may now fully appreciate what your accountant or cleric did for you this year. The U.S. federal tax code is a whopping 74,608 pages long! Try to imagine trying to digest all the nuances that go along ... continue reading


'We're in uncharted territory here' U.S. official admits ISIS' reign of terror is crushing Watch

Image of

By Abigail James (NEWS CONSORTIUM)

The U.S.-led coalition against ISIS continues, now with 62 countries working to put an end to ISIS. Canada has become the latest country to shoot airstrikes against ISIS. The fight against ISIS is being described as "off the charts historically." LOS ANGELES, CA ... continue reading


Who are Hillary Clinton's supporters? Well not women, and not young Americans: A look into Clinton's shocking Facebook following Watch

Image of Hillary Clinton is the favored Democratic candidate for the presidency in 2016, but Facebook demographics show she may have a long way to go.

By Matt Waterson (NEWS CONSORTIUM)

Hillary Clinton is the de facto face of the Democrat party's aspirations for the presidency in 2016, but you wouldn't know that by looking at her Facebook pages. LOS ANGELES, CA (Catholic Online) - The single largest percentage of Clinton's fans aren't even from ... continue reading


Lois Lerner emails expose secretive IRS warnings Watch

Image of The lower-level employees

By Abigail James (NEWS CONSORTIUM)

Former director of Exempt Organizations Unit at the Internal Revenue Service (IRS), Lois Lerner is reported as warning other IRS officials to manage the lower-level employees written conversations in 2013. LOS ANGELES, CA (Catholic Online) - Lerner resigned from the ... continue reading


Rubio steps into spotlight for 2016 run Watch

Image of Florida Senator Marco Rubio will officially announce his intent to seek the Republican nomination for the president today, following months of speculation.

By Matt Waterson (NEWS CONSORTIUM)

The question over which Republican will be the next to announce their intent to run for the nomination in 2016 has been answered, as Marco Rubio joins Senator Ted Cruz and Rand Paul in the race which will soon be flooded with even more competitors. LOS ANGELES, ... continue reading


COLD WAR NO MORE? U.S. President Barack Obama and Cuban President Raul Castro meet Watch

Image of Obama and Castro greeted each other courteously amid an explosion of camera flashes Friday night. The two sat at the same table but not directly next to one another.

By Catholic Online (NEWS CONSORTIUM)

The United States and Cuba may not be the best of friends, but the meeting between U.S. President Barack Obama and Cuban President Raul Castro this past weekend marks a turning point in international relations. It was the first time that leaders from both ... continue reading


Putting the big bite on the top 20 percent: Unlucky few pay 84 percent of all U.S. income taxes Watch

Image of The U.S. federal income tax system is very progressive - higher income groups pay increasingly higher tax rates, and therefore disproportionately higher and higher shares of the total income taxes collected.

By Catholic Online (NEWS CONSORTIUM)

Who pays what in income taxes? According to a study in the Wall Street Journal, only 20 percent of all U.S. taxpayers pay 84 percent of all taxes owed. How does every day, ordinary taxpayer fit into this schema? LOS ANGELES, CA (Catholic Online) - Individual ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 7:51--8:1
51 'You stubborn people, with uncircumcised hearts ... Read More

Psalm, Psalms 31:3-4, 6, 7, 8, 17, 21
3 You are my rock, my rampart; true to your name, ... Read More

Gospel, John 6:30-35
30 So they said, 'What sign will you yourself do, the ... Read More

Saint of the Day

Saint of the Day for April 21st, 2015 Image

St. Anselm
April 21: St. Anselm Archbishop of Canterbury and Confessor APRIL 21,A.D. ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter